40-100 pips aday trading system

This is a discussion on 40-100 pips aday trading system within the First Steps forums, part of the Reception category; Originally Posted by TheBramble
Jim, regardless of any issues you may have with JTrader’s manner, you haven’t bothered to respond ...

Jim, regardless of any issues you may have with JTrader’s manner, you haven’t bothered to respond to any of the queries I and any other trader here has asked which doesn’t bode well for your credentials.

Forgetting my queries, as I suspect most of us already have the answer anyway based on your lack of direct response, the screenshot you posted is bogus – it does not illustrate your stated system’s principles in either entry or exit.

The entry point you indicate is lower than the previous bar. OK so far, 1-2 pips lower [btw which is it – 1 or 2?], but the previous bar was not a Inside Bar and the stochs had only just about begun to flatten at that point – no hook had formed. Your stated exit is “…when stochastic cross in the opposite direction…”. A little ambiguous – do you mean when they cross each other or when they cross the opposite 80/20 line to that which the signal was given? In either interpretation, your exit would have been much sooner (at either 2.0265 at 08:30 or 2.0260 at 10:00) rather than the absolute bottom you indicate on your chart.

To the casual observer you seem to have picked the top and the bottom of a decent move, when in essence your system picked neither. I say this not to discredit you, but to urge others, particularly newer and/or more gullible traders to undertake a more careful analysis of the system you are proposing and what you have illustrated – and to wonder at the gap between them.

If others are making money using your system, you must have cleaned up the entry and exit criteria considerably to those you have presented here.

Hi Bramble

The point i trade long hours so i dont have a lot of time to responde but you can always email me and i will try to respond on here.

To answer your question 1-2 pips lower or higher than the IB its up to you.
when its a strong down trend the stocks are not so inportant as we use fibs on any retracement to test the levels
it was not a great shot i no it was doen in a rush and it didnt come out like i wanted.
but i dont have a lot of time this is why i did the live trading its quicker and more simple

No this is one of the most simple systems there is and highly effective.for new and old traders and can produce 40-100 pips a day no problem we do it every day dont take my word for it ask around in baby pips newbies and oldies i have a fund manager who all uses the system and are very happy ask them . so its on another forum so what. some people want jam on it.

Here goes when the IB forms look at stocks if its high around the 80 mark crossed or hooked over then take a short when the trigger candle the 3rd candle in the group passes below the IB by 1-2 pips use fibs to look for a possible profit target. if stocks head to the 20 area in a strong trend they could stay there i while does not matter but if they turn and hook up and go back over 20 then look for a new IB.to go long thats the simple styal but i teach diffrent set ups to aviod fake trades. and if you trade on your own 30 min to 1hr time frame is good i use 15 in traning but yes it is a bacis but the idea is very basic and simple but we use fibs and trends lines when the guys are new but its teaching how to use price action.

The point i trade long hours so i dont have a lot of time to responde but you can always email me and i will try to respond on here.

To answer your question 1-2 pips lower or higher than the IB its up to you.when its a strong down trend the stocks are not so inportant as we use fibs on any retracement to test the levels
it was not a great shot i no it was doen in a rush and it didnt come out like i wanted.
but i dont have a lot of time this is why i did the live trading its quicker and more simple

No this is one of the most simple systems there is and highly effective.for new and old traders and can produce 40-100 pips a day no problem we do it every day dont take my word for it ask around in baby pips newbies and oldies i have a fund manager who all uses the system and are very happy ask them . so its on another forum so what. some people want jam on it.

Here goes when the IB forms look at stocks if its high around the 80 mark crossed or hooked over then take a short when the trigger candle the 3rd candle in the group passes below the IB by 1-2 pips use fibs to look for a possible profit target. if stocks head to the 20 area in a strong trend they could stay there i while does not matter but if they turn and hook up and go back over 20 then look for a new IB.to go long thats the simple styal but i teach diffrent set ups to aviod fake trades. and if you trade on your own 30 min to 1hr time frame is good i use 15 in traning but yes it is a bacis but the idea is very basic and simple but we use fibs and trends lines when the guys are new but its teaching how to use price action.

Hi
its explained very well in baby pips with a lot a screen shots but new people need more than that they need guidance and they kept asking the same questions and it was people like that who asked me to do it live not the other way round they wanted it so i did it they seem very happy with the result

A measured response Ampro. Regardless of your view of JT's patience infarction, Jim hasn't done himself any favours with his posted example or the fairly ambiguous and subjective 'rules' of his system. I’m not hitting Jim at all, it’s great he’s chosen to share, but as I say, he hasn’t presented himself or his system in the best light. System designers are not necessarily (rarely in fact) system packagers – because they don’t normally need to be. But if you’re going to choose to be one (either commercially or as in this case, by publishing on a board publicly), then either do it right or get someone to do it right for you.

That said, your second chart (and I note you appear to be using Stochs on divergence with price which has historically proven far superior to the more standard overbought/oversold rules) shows you taking a trade when the Stoch was at the 50 level and flat – so outside of Jim’s method. A valid trade and a good one, but nothing to do with Jim’s methods.

Even if my posts on this thread did reveal a momentary lack of patience, this was for a good reason - due to the ambiguous nature of what has been posted.
Well spotted TB the stoch level was at 50 on this mornings chart.

The points i have been trying to make though, are serious & important ones. What has been packaged as a system, appears no more than a collection of vague ideas that are not clearly explained or exampled.

Due to the fact that jim makes money from his skype chatroom, and the fact that his rules for this "system" was his 1st post on T2W, and his 2nd post was to say along the lines of -
"Oh, i'm not getting into explaining this all again here, come see whats been said over at BBP's," I think i have been justified in being both suspicious of his motives, & slightly inpatient due to the sketchy nature of it all.

But hey, good luck with it all, i wish you well jim and all your followers !